3 Preapproval Tips For A Veterans Home Loan

8/13/2017

In the United States, Veterans are offered mortgage loans that are backed and guaranteed by the U.S. Department of Veteran Affairs. The Veteran home loan, or VA home loan, differs from normal loans because there is no down payment requirement, and no private mortgage insurance (PMI) requirement.

But, before you go and look into these loans, you need to look into how to prequalify for a Veterans home loan. In 2016, a staggering 707,107 home loans were guaranteed by the VA nationwide, so there is a good chance you qualify. The process to prequalify for a Veteran loan is quite simple but requires one to obtain preapproval.

Here are some things to keep in mind when looking to get preapproved:

Check Your Credit

The most important thing that can be done is to check your credit report for errors. According to some financial advisors, 79% of credit reports contain at least one error. Even the smallest error can cost you a substantial amount of money, so keeping it in good shape can be incredibly beneficial.

Gather All Documents

Keep all the documents that you will need on hand for the lender. Lenders can differ on what they require to pass a preapproval, but the general rule is to have your last two W-2 statements and pay stubs for at least one month. DD Form 214, Certification of Release or Discharge From Active Duty are not necessary for the preapproval process but will help the lender get a head start on the steps that follow. Steps like ordering your Certificate of Eligibility from the VA. You can order your DD Form 214 from the National Archives website. The VA Certificate of Eligibility is evidence of your military service to qualify for Veteran home loan benefits.

Find A Lender

Find a lender that participates in the VA loan system, you can ask your real estate agent for referrals to several lenders if you don't have one. After you find one, make appointments to apply for the Veteran loan preapproval. Make sure to ask what documents will be needed, and make clear copies for them.

Fill out the application at the lender's office, and your preapproval results should be made within an hour or two after completing it. Time can vary depending on day, lender, and other circumstances.

If you have any questions about the process of prequalifying for a Veteran home loan, or just questions about VA loans, feel free to contact us. We'll be happy to help.

Get Started Today With Your VA Loan Request!

If you would like to speak with a loan professional about the prequalification process, please call our toll-free number at 866-704-2826 or click on the button below and complete our quick-and-easy online form and a member of our staff will contact you right away to discuss your options.

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*APR calculated on a base loan amount of $300,000 and no VA Funding Fee.

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Consumers who would like to file a complaint against about a mortgage banker residential mortgage loan originator, may complete a complaint form and send to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Instructions and complaint forms can be found on the Department’s website at www.sml.texas.gov. The toll-free consumer hotline number is 1-877-276-5550. This department offers a recovery fund to reimburse certain actual out of pocket damages to borrowers as a result of acts by Licensed Mortgage Banker Residential Mortgage Loan Officers. Borrowers must submit a written application for reimbursement from the recovery fund which is filed with and investigated by the department before payment of any claim. For further information about the recovery fund, visit the Department’s website at www.sml.texas.gov.